March 12th, 2012|
March 12, 2012
Here are eight things that you might not know about the SS program, according to The Sacramento Bee.
1. For every year you postpone Social Security beyond your normal retirement age, the annual benefit goes up by eight percent until age 70.
2. You can get a benefit based on your own work history or take a benefit based on your spouse’s work record if that amount is higher.
3. If your spouse dies, you will continue to receive whichever of the two benefits is larger.
4. If your marriage lasted at least 10 years, you can receive benefits based on an ex’s work history—as long as you’re unmarried now and that benefit is larger.
5. Once you start receiving Social Security benefits, you get one chance to change your mind and withdraw your application.
6. For the earliest retirees, the Social Security Administration deducts $1 of benefits for every $2 earned above $14,460. At full retirement age, there’s no reduction of benefits for working
7. If your income exceeds $34,000 (if single), or $44,000 (for joint filers), up to 85 percent of Social Security benefits will be subject to tax.
8. The average combined benefit for a retired couple is $1,994 per month. If you were to buy an annuity that paid a similar benefit, the cost would be $485,000.